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� 2� 17�2337 ASSIGNIIl�ENT �F RENTS Laan Na: 'I�'��33'17 �Continued} Page 3 paid by Grantor, if permitted �y applicable law. LENDER'S EXPENDITURES. I-�any action or praceeding is commenced that would ma�eria�[y af�ect Lender's in�eres� in �he Property vr if Gran�or fails to cflmply with any pra�ision of fih�s Assignment ar any Related Documenfis, inc�uding but no� limited t❑ Grantor's failure�o discharge or pay when due any amoun�s Grantor is required�❑discharge ❑r pay under �his Assignment or any Related Dacuments, Lender on Grantor's behalf may �but shall nofi 1�e vbligated �a} take any action that Lender deems app�opr�ate, including but no� [imited �o dis�harging ar paying all taxes, liens, se�urity interests, encumbrances and ❑fiher claims, a�any time Ee�ied❑r p�aced vn�he Rents ❑r the Prvperty and paying all cvs�ks f�r insuring, main�aining and pres�r�ing �he Prvperty. A�E such expenditures incurred ❑r paid by Lender far such purposes will then bear interest at�he rate charged under the Note from�khe da�e incurred ar paid by Lende�r t❑�h� da�te �f repayment by Granfior. All such exp�nses wil� be�ome a part ❑f the lndsbfiedness and, at Lender's opfiion, will �A� be payable on demand; {B� be add�d to the ba�ance of�he Note and be appvrti�ned among and be payable wifih any installmen� payments �o become due during e�ther t1} �he term ❑f any applicable insurance pv�icy; ar �2} the remaining term of �he Note; ar {C} i�e �rea�ed as a balloan payment v+rhich will be due and payab�� a� the No�ke's maturi�y. The Assignmenfi also v+rill secure paymenfi of fihese amvunts. 5uch righ�shall be in add�tion to all vther righfis and remedies fio whi�h Lender may be entitled upon ❑efault. DEFAULT. Each a�the fvllowing, at Lender's vptivn,shall constitute an E�en�❑�F Default under this Assignment: Paymen#Default. Gran�or�fai�s to make any paymen�when due under the indebtedness. �fiher Defau�ts. Gran�or fails t❑ comply wi�h or �o perform any ather- term, obligation, co�enant ❑r �ondifiion cantained in �his Assignment ar in any ❑f �he Related ❑vcuments or �k❑ compEy with vr to perform any term, ohl�gatian, cv�enant or condition cvntained in any o�her agreement befiween Lend�r and Grantar. Defaul� on �#her Paymen�s. Failure of Gran�or within the fiime required hy�his Assi�nment t❑ make any paymen� for�axes ❑r insurance, ar any o�her payment n�cessary t❑pre�ent�ifFng of or to e�fec�discharge a�any lien. False 5tatemen�s. Any warran�y, rep�-esentativn or statemenf made ❑r furnished �❑ Lender by Gran�vr ❑r on Gran�or`s behalf under �his Assignment ❑r �he Relafed Documents is false or misleading in any material r�spe�t, ei�her now or a��he time made or furnish�d or b�comes talse or mis�eading at any�ime�hereaf�er. Defe��ive Collateraliaa�ion. This Assignment or any a�fihe Rela�ed ❑ocuments �eases tv be in�ull farce and effec� {including fa�lure❑f any collat�raf document to crea�e a valid and psrfected security in�erest❑r lien� afi any tim� and �ar any reason. ❑eath �r Insolvency. The dissalutivn of Grantor's 4regardless a� whether �I�c�ian �a continue �s made�, any member wi�hdraws �rom �he limi�ed liabili�y campany, ar any other termina�ian ❑f Gran�or's existence as a going business or the death o# any member, �he insal�ency ❑f Grantor, the appaintmen� of a receiWer �ar any par� of G rantor's praperty, any assignment far �he ben�fiit v� creditvrs, any type of �reditor workout, ❑r the comm�ncemen�vfi any prn�eeding under any bankrupt�y or insol�ency laws by vr agains�Grantar. Creditor ❑r Forfeiture Prviceedin�s. Commencemen� af foreclosure ar �or�ei�ure prv�eedings, whether �y�udicial proceeding, se��heEp, repvssession or any o�her me�had, 1�y any creditor❑f G ran�or❑r by any go�ernmental agency against �he Rents or any prop�rty se�uring �he �ndebtedness. This in�ludes a garnishment ❑f any ❑f Gran�ar's accaun�s, including deposit accvunts, with Lender. HaweWer, fihis EWent �� Defau[t shall na� apply if there is a good fai�h dispute by Gran�or as�a�he va[idity or reasonableness o�the claim which is the basis o��he creditvr❑r forfeiture proc��ding and ��Grantor giWes Lender written no�ice o�the �r�di�or or-�ar�fei�ure proceeding and deposi�s wifih Lender mvnies or a surety �vnd �o�the credi�vr or for�eiture proceeding, in an amount dete�mined by Lender, in i�ts so[e discrefiivn, as being an adequate reser�e or bond for�he dispu�e. Prvperty i3amage vr Loss. The Prop�rty�s lost, sto�en, subs�antially damaged, sold, or horrvwed against. Events AfFecting Gua�antor. Any ❑f the preceding e�ents vccurs wi�h respec� tv any Guaran�or o� any ❑f the Indebtedness or any Guaran�vr d�es or be�vmes incompet�nfi, or re�vkes or dssputes the �alidity of, ar liability under, any Guaranty of the Indeb�kedness. Ad�rerse Change. A material ad�erse change o�curs in Gran�ar's financia� candition, or Lender belie�es the pr�spect o�paymen�ar perfarmance ❑��he Indebtedness is impaired. lnsecurity. Lender in good faith be�ie�es itse��insecure. Cure Provisivns. If any defaulfi, ❑�her than a defaul� in payment, is curable and if Gran�or has no� h�en gi�en a natice o� a breach af the same pro�isian ❑�this Assignment w�thin the preceding twel�e �12� mon�hs, �t may be cured ifi Gran�or, af�er Lender sends wri��en not�ce fi� Grant�r demanding cure o� such defaul�: ��} cures the defau�t within fifteen {�5� days; or {�} if the �ure requires more�han fifteen t15} days, immediately initiates steps which Lender deems in Lender's sole discretion to he sut�icien� ta cure the de�au�fi and thereafter con�inues and comp�etes ali reasonable and necessary steps su�ficient t� praduce compliance as soon as reasonably practical. R�GHTS AND RENiEDIES ❑N DEFALILT. Upan the❑ccurrence ot any E�ent of❑e�fault and at any time thereafter, Lender may exercise any ❑ne �r mare af the fallowing rights and remedies, in addi�ion�❑ any ather rights or remedies pro�ided by law: Accele�ate lndeb�edness. Lender shall ha�e the right at i�s option to declar-e the en�ire Indebtedness immediately due and payable, including any prepayment pena�ty that Gran�ar wauld be required t❑ pay.